UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-K
                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended December 31, 1995
                         Commission File Number 1-10333

                            CENTRAL NEWSPAPERS, INC.
             (Exact name of registrant as specified in its charter)

              Indiana                                 35-0220660
   (State or other jurisdiction        (I.R.S. Employer Identification Number) 
  of incorporation or organization)
                                                   
  135 North Pennsylvania Street, Suite 1200, Indianapolis, Indiana 46204
           (Address of principal executive offices and zip code)

    Registrant's telephone number, including area code:  (317) 231-9200

        Securities registered pursuant to Section 12(b) of the Act:
                                                                               
                                                      Name of each
           Title of each class                exchange on which registered  
           -------------------                ----------------------------
Class A Common Stock, without par value          New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was 
required to file such reports) and (2) has been subject to such filing 
requirements for the past 90 days. 
Yes X .  No   .
   ---     ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 
of Regulation S-K is not contained herein, and will not be contained, to the 
best of registrant's knowledge, in definitive proxy or information statements 
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [ ]

The aggregate market value of the voting stock held by non-affiliates on 
February 29, 1996, based on the closing price for the Company's Class A Common
Stock on the New York Stock Exchange on such date and assuming the conversion of
all outstanding shares of Class B Common Stock into shares of Class A Common 
Stock at a ratio of one-tenth (.1) of a share of Class A Common Stock for each 
share of Class B Common Stock:  approximately $420,846,000. For purposes of the
foregoing calculation only, required by Form 10-K, the Registrant has included 
as shares owned by affiliates, the shares of Class A Common Stock and Class B
Common Stock beneficially owned by officers and directors of the registrant
and by holders of 10% or more of either class.  Such inclusion shall not be 
construed as an admission that any such person is an affiliate for any purpose.

Shares outstanding at February 29, 1996:

                   Class A Common Stock -- 23,561,111 shares
                   Class B Common Stock -- 31,553,000 shares
   
Documents incorporated by reference:
          
Portions of the Company's 1995 Annual Report to Shareholders (incorporated in 
Part II to the extent provided in items 5, 6, 7 and 8 hereof) and the definitive
Proxy Statement for the Company's 1996 Annual Meeting of Shareholders (to be 
held April 17, 1996) filed pursuant to Rule 14a-6 of the Securities Exchange 
Act of 1934 (incorporated in Part III to the extent provided in items 10, 11, 
12 and 13 hereof).

          Exhibit Index on Page 11                       Page 1 of 17 Pages 
<PAGE>2

                     FORM 10-K TABLE OF CONTENTS


                                                                       Page 
Part I

     Item 1      - Business                                              3

     Item 2      - Properties                                            9

     Item 3      - Legal Proceedings                                    10

     Item 4      - Submission of Matters to a Vote of 
                   Security Holders                                     10
       
Part II

     Item 5      - Market for Registrant's Common 
                   Equity and Related Stockholder
                   Matters                                              10

     Item 6      - Selected Financial Data                              10

     Item 7      - Management's Discussion and 
                   Analysis of Results of Operations
                   and Financial Condition                              10
                 
     Item 8      - Financial Statements and 
                   Supplementary Data                                   11

     Item 9      - Changes in and Disagreements with 
                   Accountants on Accounting and 
                   Financial Disclosure                                 11

Part III
     
     Item 10     - Directors and Executive Officers of
                   the Registrant                                       11

     Item 11     - Executive Compensation                               11
     

     Item 12     - Security Ownership of Certain
                   Beneficial Owners and 
                   Management                                           11

     Item 13     - Certain Relationships and Related 
                   Transactions                                         11

Part IV

     Item 14     - Exhibits, Financial Statement 
                   Schedules and Reports on 
                   Form 8-K                                             11

Signatures                                                              15  

<PAGE>3
                                    PART I

Item 1.  Business.

Central Newspapers, Inc. (the "Company") is engaged, through its subsidiaries,
in newspaper publishing primarily in the metropolitan areas of Phoenix, Arizona
and Indianapolis, Indiana.  The Company is an Indiana corporation organized in
1934.  Through its wholly-owned subsidiary, Phoenix Newspapers, Inc., the
Company publishes The Arizona Republic (mornings and Sunday), The Phoenix
Gazette (evenings) and the Arizona Business Gazette (weekly).  Through its
90.2%-owned subsidiary, Indianapolis Newspapers, Inc., the Company publishes The
Indianapolis Star (mornings and Sunday) and The Indianapolis News (evenings). 
The Company also publishes several daily and weekly newspapers serving smaller
communities in Indiana.  The Company is a partner (13.5% interest) in Ponderay
Newsprint Company, a general partnership that owns and operates a newsprint mill
in the state of Washington.

The Company has published its newspapers in its two primary markets for more
than forty-six years.  The Company has managed its newspapers with the objective
of long-term growth and believes that this philosophy has contributed to the
stability of the Company's operations.  The Company's ability to establish and
maintain its daily newspapers as the only major newspapers in their respective
markets has promoted its growth and is of primary importance in attracting and
maintaining advertising, the principal source of revenue for the Company.  Each
of the Company's newspapers has substantial autonomy over editorial policy.


PHOENIX NEWSPAPERS, INC.

Phoenix Newspapers, Inc. ("PNI") was formed in 1946 by a group of investors,
including the Company, to purchase The Arizona Republic and The Phoenix Gazette.
The Company originally owned a 30% interest in PNI and has owned 100% of the
common stock of PNI since 1977.  The newspapers published by PNI are The Arizona
Republic (mornings and Sunday), The Phoenix Gazette (evenings) and the Arizona
Business Gazette (weekly).


Circulation

As of December 31, 1995, approximately 84% of the daily and 71% of the Sunday
circulation of The Arizona Republic and 89% of the daily circulation of The
Phoenix Gazette were home delivered.  Single copy sales account for
approximately 29% of Sunday newspaper sales and approximately 15% of combined
daily newspaper sales.

The Arizona Business Gazette contains business news and legal notices relating
to the Phoenix metropolitan area.  The average paid circulation of the Arizona
Business Gazette was 9,599, 10,340 and 10,351 for 1993, 1994 and 1995.

The circulation levels of The Arizona Republic and The Phoenix Gazette are
seasonal due to the large number of part-year residents of the Phoenix area. 
Historically, circulation for The Arizona Republic and The Phoenix Gazette
achieves its highest levels in February and decreases during the late spring and
summer months.  During 1995, the seasonal variation in combined daily
circulation and Sunday circulation was approximately 86,500 and 103,000,
respectively.  The following table shows the average paid circulation for The
Arizona Republic and The Phoenix Gazette for the last three fiscal years.  The
figures for 1993 and 1994 are based upon annual reports issued by the Audit
Bureau of Circulations ("ABC"), an independent agency which audits the
circulation of daily and Sunday newspapers and include circulation outside the
Phoenix metropolitan statistical area ("MSA").  The figures for 1995 are based
upon the records of the Company because, as of the date of this report, the ABC
<PAGE>4
annual report for 1995 has not been released.  Net circulation revenue for the
last three fiscal years is based upon the records of the Company.

                                    52 Weeks    52 Weeks   53 Weeks
                                    Dec. 26     Dec. 25    Dec. 31
Fiscal Years Ended                    1993        1994       1995

The Arizona Republic (Sunday)        573,497    587,919    585,226
The Arizona Republic (Daily)         365,544    379,093    388,800
The Phoenix Gazette (Daily)           81,118     75,494     72,301
     
Net Circulation Revenue
  (in thousands)                     $74,368    $77,537    $84,212
                                            
Effective June 1994, the home delivery pricing structure for seven day
subscriptions is based on length of subscription.  Effective August 1995, the
home-delivered price for The Arizona Republic (seven days) in the Phoenix MSA,
ranges from $3.25 per week for a fifty-two week subscription to $3.50 per week
for an eight week subscription.  There is also a four week bank withdrawal
option of $3.25 per week.  The home-delivered price for The Phoenix Gazette
(seven days) in the Phoenix MSA, which includes six evenings and one Sunday
paper, ranges from $3.00 per week for a fifty-two week subscription to $3.25 per
week for an eight week subscription with a four week bank withdrawal option of
$3.00 per week.  The home-delivered price for The Arizona Republic (six days) is
$2.10 per week for all subscription terms.  The home-delivered price for The
Phoenix Gazette (six days) is $1.80 per week for all subscription terms.  A
weekend package comprising the Sunday paper and the Friday and Saturday edition
of either the morning or evening paper is offered at $2.50 per week.  During
January 1993, the single copy price of the morning paper increased by $.15 to
$.50.  The single copy price of the afternoon paper is $.35.  During March 1995,
the single copy price of the Sunday paper increased by $.50 to $2.00.

Advertising

The newspapers generate revenue from two primary types of advertisements, "run
of paper," which are printed in the body of the newspaper, and "preprinted,"
which are furnished by the advertiser and inserted into the newspaper.  PNI
derives the majority of its advertising revenue from run of paper
advertisements.  However, like other major newspapers, The Arizona Republic and
The Phoenix Gazette have experienced an increase in advertisers use of
preprinted advertisements in recent years.  Because preprinted advertisements
are furnished by the advertisers and can be distributed by alternate means,
revenues and profits from preprinted advertisements are generally lower than
would be derived if an advertiser had chosen to use run of paper advertisements.
To encourage use of run of paper advertisements, PNI structures its advertising
rates to provide more favorable rates to high volume and frequent run of paper
advertisers.

PNI also structures its advertising format to accommodate the numerous
communities that comprise the Phoenix metropolitan area.  The Arizona Republic
and The Phoenix Gazette publish a common "Community" section that is inserted in
up to twelve zoned editions on certain days of the week.  Zoned editions, which
include news stories and advertisements targeted to specific communities or
geographic areas, provide an important means of competing with news coverage of
local newspapers and thereby promote circulation.  Other part run sections are
also provided to accommodate the needs of advertisers for more targeted
distribution.

The combined run of paper advertising linage for The Arizona Republic, The
Phoenix Gazette and the Arizona Business Gazette for the past three fiscal years
and the combined advertising revenues of the newspapers for such periods are set
forth in the following table:

<PAGE>5
                                    52 Weeks    52 Weeks   53 Weeks
                                    Dec. 26     Dec. 25    Dec. 31
Fiscal Years Ended                    1993        1994       1995

Advertising Linage--Run of Paper    
  (in thousands of six- 
  column inches):                                          
Full run                               3,562       4,014      4,513 
Part run                               2,239       2,350      2,278 
Weekly                                   278         269        245 
 
Net Advertising Revenue
  (in thousands)                    $218,092    $248,528   $284,468


Distribution

PNI distributes The Arizona Republic and The Phoenix Gazette primarily by home
delivery through a network of independent contractors that deliver newspapers
pursuant to agreements with PNI.  PNI has implemented a centralized billing
system which removes the responsibility for billing and collection from the
independent contractors.  Newspapers are distributed to the independent
contractor network by an outside company which has been under contract with PNI
for over forty years.


Production

The Arizona Republic and The Phoenix Gazette merged the editorial news staffs in
1995 and share production facilities and equipment.  The editing and composing
functions are performed primarily at PNI's facility in downtown Phoenix.  To
increase efficiency and reduce work force requirements, the editing and
composing functions have been computerized.  Electronic pagination allows entire
pages of the newspaper to be formatted at a computer terminal.  Composed pages
are electronically transmitted from PNI's downtown facility to its two satellite
production facilities.  

PNI's two satellite production facilities are located in Deer Valley which is
north of downtown Phoenix and in Mesa, Arizona.  Construction of the Deer Valley
facility began in 1990 and was completed in 1992.  This facility includes four
new offset presses and related production equipment as well as circulation,
advertising and editorial offices.  Production began during the first quarter of
1992 with full operation commencing in the third quarter of 1992.  The Mesa
facility began operation in 1982 and has been expanded and upgraded since that
date.  It has three offset presses and related production equipment.

Because of the growth expected in the Phoenix area, PNI owns an additional site
in western Maricopa County for a future satellite production facility.

  
INDIANAPOLIS NEWSPAPERS, INC.

Indianapolis Newspapers, Inc. ("INI") was formed by the Company in 1948.  The
Company owns all of the issued and outstanding Class B Common Stock of INI.  On
September 12, 1994 and June 1, 1995, the Company purchased 3,591 shares and 50
shares, respectively, of Class A Common Stock of INI which increased the Company
ownership of Class A Common Stock to 67.2% from 4.1%.  The Company now owns
90.2% of the voting power and equity and has the right to elect INI's Board of
Directors.  Prior to these purchases, the Company owned 71.2% of the voting
power and equity of INI.  The remaining 9.8% of the voting power and equity of
INI is held either directly or through trusts by members of the family which
previously owned The Indianapolis News.  The primary newspapers published by INI
<PAGE>6
are The Indianapolis Star (mornings and Sunday) and The Indianapolis News
(evenings).


Circulation

As of December 31, 1995, approximately 82% of the daily and 80% of the Sunday
circulation of The Indianapolis Star and 82% of the daily circulation of The
Indianapolis News were home delivered.  Single copy sales account for
approximately 19% of Sunday newspaper sales and 16% of combined daily newspaper
sales.

The following table shows the average paid circulation for The Indianapolis Star
and The Indianapolis News for the last three fiscal years.  The figures for 1993
and 1994 are based upon annual reports issued by the ABC and include circulation
outside the Indianapolis MSA.  The figures for 1995 are based upon records of
the Company because, as of the date of this report, the ABC annual report for
1995 has not been released.  Net circulation revenue for the last three fiscal
years is based upon the records of the Company.

                                    52 Weeks    52 Weeks   53 Weeks
                                    Dec. 26     Dec. 25    Dec. 31
Fiscal Years Ended                    1993        1994       1995


The Indianapolis Star (Sunday)      411,260     404,468    399,347
The Indianapolis Star (Daily)       231,150     229,876    229,510
The Indianapolis News (Daily)        93,256      87,468     72,628
     
Net Circulation Revenue
  (in thousands)                    $38,523     $38,886   $ 39,507
                                            

The home delivery price for The Indianapolis Star (seven days) in the
Indianapolis MSA is $3.30 per week which includes a $.30 price increase during
March 1995.  The home delivery price for The Indianapolis News (six days) is
$1.80 per week which includes a $.30 price increase during March 1995.  The
single copy price is $.50 for each daily paper which includes a $.15 price
increase during March 1995.  The home delivery price of the Sunday newspaper is
$1.50, which includes a $.25 price increase during May 1993.  The single copy
price of the Sunday newspaper is $1.50 which includes a $.25 price increase
during September 1991.


Advertising

Newspapers generate revenue from two primary types of advertisements, "run of
paper," which are printed in the body of the newspaper, and "preprinted," which
are furnished by the advertiser and inserted into the newspaper.  INI derives
the majority of its advertising revenue from run of paper advertisements.  

Like the Company's Phoenix newspapers, The Indianapolis Star and The
Indianapolis News have experienced an increase in advertisers use of preprinted
advertisements in recent years.  To encourage use of run of paper
advertisements, INI structures its advertising rates to provide more favorable
rates to high volume and frequent run of paper advertisers.  The combined run of
paper advertising linage for The Indianapolis Star and The Indianapolis News for
the past three fiscal years and the combined advertising revenue of the
newspapers for such periods are set forth in the following table:

<PAGE> 7

                                   52 Weeks    52 Weeks   53 Weeks
                                    Dec. 26     Dec. 25    Dec. 31
Fiscal Years Ended                    1993        1994       1995


Advertising Linage--Run of Paper    
  (in thousands of six- 
  column inches):                                          
Full run                               2,458       2,716      2,937 
Part run                                  62         125         96

Net Advertising Revenue
  (in thousands)                    $114,004    $131,288   $145,267


Distribution
     
INI distributes The Indianapolis Star and The Indianapolis News primarily by
home delivery through a network of approximately 3,200 carriers.  Carriers are
independent contractors who purchase newspapers from INI and resell them to
their customers.


Production

The Indianapolis Star and The Indianapolis News merged the editorial news staffs
in 1995 and share production and distribution facilities.  All editorial and
production functions are handled from INI's facility in downtown Indianapolis.
Distribution functions are performed at both the downtown production facility
and at the satellite facility which was completed in 1995 at a cost of $20
million.   INI's downtown production facility is equipped with six offset
presses, after the conversion of four letterpress presses and the installation
of two new offset presses during the period 1988 through 1992 at a cost of $57.7
million.  


SMALLER NEWSPAPERS

The Company also publishes several smaller newspapers.  Through Muncie
Newspapers, Inc., which is 88% owned by INI and 12% owned by the Company, the
Company publishes The Muncie Star (mornings and Sunday) and The Muncie Evening
Press (evenings).  These two daily newspapers serve the Muncie, Indiana area,
which has a population of approximately 119,000.  As of December 31, 1995, the
average paid circulation of The Muncie Star was 28,157 daily, and 35,694 Sunday
and the average paid circulation of The Muncie Evening Press was 12,092 daily.

The Company publishes the Vincennes Sun-Commercial, a daily newspaper which
serves the city of Vincennes, Indiana, with a population of approximately
19,800.  As of December 31, 1995, the average paid circulation of the Vincennes
Sun-Commercial was 13,465 daily (five days) and 15,524 Sunday.  In October 1995,
the Company acquired certain assets of Transcontinental Media Inc., including
The Knox County News, The Knox County Shopping News and The Green County
Shopping News.  The circulation of the Knox County News, renamed the North Knox 
News is approximately 1,200.

During January 1993, the Company formed Topics Newspapers, Inc. as a wholly-
owned subsidiary to purchase the net assets of two daily newspapers, one weekly
newspaper and twelve controlled circulation newspapers that serve the fastest
growing area of metropolitan Indianapolis.  As of December 31, 1995, the average
paid circulation of The Daily Ledger was 10,175 (six days) and the combined
weekly circulation was 90,833.

<PAGE>8
The revenues received by the Company from these smaller publications represented
approximately 4% of the total revenues of the Company in each of its last three
fiscal years.


RAW MATERIALS - PONDERAY NEWSPRINT COMPANY

The Company consumed approximately 165,000 metric tons of newsprint in fiscal
year 1995 and estimates that consumption will be unchanged in fiscal year 1996. 
The Company currently obtains its newsprint from a number of suppliers, both
foreign and domestic, under long-term contracts, standard in the industry, which
offer dependable sources of newsprint at current market rates.

To provide the Company with an additional source of newsprint for a portion of
its needs, the Company formed Central Newsprint Company, Inc. and Bradley Paper
Company (the "Newsprint Subsidiaries"), both of which are wholly-owned
subsidiaries of the Company.  The Newsprint Subsidiaries, together with four
other newspaper publishing companies and a Canadian newsprint manufacturer, are
partners in Ponderay Newsprint Company ("Ponderay"), a general partnership
formed to own and operate a newsprint mill in Usk, Washington.  The mill began
operations in December 1989.  PNI has committed to purchase in 1996 the lesser
of 13.5% of Ponderay's newsprint production or 34,900 metric tons on a "take if
tendered" basis until the debt of Ponderay is repaid.


COMPETITION

The Company faces competition for advertising revenue from television, radio and
direct mail programs, as well as competition for advertising and circulation
from suburban neighborhood and national newspapers and other publications. 
Competition for advertising is based upon circulation levels, readership
demographics, price and advertiser results.  Competition for circulation is
generally based upon the content, journalistic quality and price of the
newspaper.

In Indianapolis, the Company's newspapers do not receive significant direct
competition from suburban newspapers.  In Phoenix, several suburban newspapers
owned by major media corporations operate in cities that are part of the Phoenix
metropolitan area and compete with The Arizona Republic and The Phoenix Gazette
for advertising and circulation.


EMPLOYEES - LABOR

As of January 31, 1996, the Company had approximately 5,188 employees 
(including 1,450 part-time employees), 44% of whom were covered by collective 
bargaining agreements.  The Company has never had a significant strike or 
work stoppage at its operations and considers its labor relationships with 
its employees to be good.


EXECUTIVE OFFICERS OF THE REGISTRANT

As of February 29, 1996, the executive officers of the Company and their ages
are as follows:

Name                      Age  Positions

Malcolm W. Applegate      60   Director; President and
                               General Manager of INI

Thomas K. MacGillivray    35   Treasurer and Chief Financial Officer

<PAGE>9

John F. Oppedahl          51   Publisher and Chief Executive Officer
                               of Phoenix Newspapers, Inc.

Eugene S. Pulliam         81   Director and Executive
                               Vice President; President
                               of PNI; Publisher of 
                               The Indianapolis Star and 
                               The Indianapolis News

Frank E. Russell          75   Director; Chairman of the Board and
                               Assistant Secretary
                          
Louis A. Weil, III        54   Director; President and Chief
                               Executive Officer; Chairman of the Board of  
                               Phoenix Newspapers, Inc. 
                          
Malcolm W. Applegate has been President since May 1993 and General Manager since
July 1990 of Indianapolis Newspapers, Inc.  From 1985 until assuming his current
position with Indianapolis Newspapers, Inc., Mr. Applegate was publisher of the
Lansing (Michigan) State Journal.  He has been a director of the Company since
1991.

Thomas K. MacGillivray has been Chief Financial Officer since January 4, 1996. 
Previously, he was Director of Investments since April, 1993.  He was Vice
President and Equity Portfolio Manager for Sovran Capital Management from
January 1989 until March 1993.

John F. Oppedahl has been Publisher and Chief Executive Officer of Phoenix
Newspapers, Inc. since January 1996.  Previously, he was Executive Editor of
Phoenix Newspapers, Inc. since 1993 and Managing Editor of the Arizona Republic
from 1989 to 1993.

Eugene S. Pulliam has been the Publisher of The Indianapolis Star and The
Indianapolis News since 1975 and President of Phoenix Newspapers, Inc. since
1979.  He has been a director of the Company since 1954.  Mr. Pulliam is a
brother-in-law of James C. Quayle and the uncle of Dan Quayle, both of whom are
directors of the Company.

Frank E. Russell has been Chairman of the Board and Assistant Secretary since
January 1996.  Previously, he was President of the Company since 1979.  He has
been a director of the Company since 1974.

Louis A. Weil, III has been President and Chief Executive Officer since January
1996.  He served as Publisher and Chief Executive Officer of The Arizona
Republic and The Phoenix Gazette and Executive Vice President of Phoenix
Newspapers, Inc. between July 1991 and January 1996.  Mr. Weil served as
Publisher of Time from May 1989 to July 1991 and President and Publisher of The
Detroit News from May 1987 to May 1989.  Mr. Weil serves as a member of the
Board of Directors of Global Government Plus Fund, Inc. as well as eleven
investment companies within the Prudential family of mutual funds.  He has been
a director of the Company since 1991.

Each executive officer will serve as such until his successor is chosen and
qualified.  No family relationships exist among the Company's executive
officers.


Item 2.  Properties.

The corporate headquarters of the Company is located at 135 North Pennsylvania
Street Suite 1200, Indianapolis, Indiana 46204.  The general character, location
and approximate size of the principal physical properties owned by the Company
<PAGE>10
at the end of fiscal year 1995 are set forth below.  In addition to those
listed, the Company owns employee recreational facilities and other real estate
aggregating approximately 130 acres.

                                            Approximate Area
                                             in Square Feet 
Printing plants, business and editorial
  offices and warehouse space
                                         Owned          Leased

 Phoenix, Arizona                       940,176         145,881
 Mesa, Arizona                          160,815             ---
 Indianapolis, Indiana                  693,152         157,640
 Muncie, Indiana                         67,658             ---
 Vincennes, Indiana                      19,350             ---
 Noblesville, Indiana                     7,500           5,412
 Carmel, Indiana                         13,460             ---
 Bicknell, Indiana                          ---           2,500

The Company believes that its current and planned facilities are adequate to
meet the present needs of its newspapers.


Item 3.  Legal Proceedings.

The Company becomes involved from time to time in various claims and lawsuits
incidental in the ordinary course of its business, including such matters as
libel and invasion of privacy actions and is involved from time to time in
various governmental and administrative proceedings.  Management believes that
the outcome of any pending claims or proceedings will not have a significant
adverse effect on the Company and its subsidiaries, taken as a whole.


Item 4.  Submission of Matters to a Vote of Security Holders.

No matters were submitted to a vote of shareholders during the quarter ended
December 31, 1995 through the solicitation of proxies and otherwise.


                                  PART II

Item 5.  Markets for Registrant's Common Equity and Related Stockholder Matters.

The information set forth under the caption "Shareholder Information" on page 31
of the Company's 1995 Annual Report to Shareholders is incorporated herein by
reference.


Item 6.  Selected Financial Data.

The information set forth under the caption "Ten-Year Financial Highlights" on
page 28 of the Company's 1995 Annual Report to Shareholders is incorporated
herein by reference.


Item 7.   Management's Discussion and Analysis of Results of Operations and
          Financial Condition.

The information set forth under the caption "Management's Discussion and
Analysis of Results of Operations and Financial Condition" beginning on page 10
of the Company's 1995 Annual Report to Shareholders is incorporated herein by
reference.

<PAGE>11
Item 8.   Financial Statements and Supplementary Data.

The Company's Consolidated Financial Statements and Notes thereto, together with
the report thereon of Geo. S. Olive & Co. LLC dated February 7, 1996, appearing
on pages 14 through 27 of the Company's 1995 Annual Report to Shareholders, and
the information contained under the heading "Quarterly Financial Information
(unaudited)" on page 30 of such Annual Report to Shareholders are incorporated
herein by reference.


Item 9.   Changes in and Disagreements with Accountants on Accounting and
          Financial Disclosure.

None.


                                  PART III

Item 10.  Directors and Executive Officers of the Registrant.

Incorporated herein by reference is the information set forth under the captions
"Election of Directors," on page 4 and "Committees of the Board of Directors and
Compensation of Directors" on page 5 and "Compliance with Section 16(a) of the
Securities Exchange Act of 1934" on page 13 of the Company's definitive Proxy
Statement to be used in connection with the 1996 Annual Meeting of 
Shareholders. See Part I, Item 1 of this report for information regarding the 
executive officers of the Company.


Item 11.  Executive Compensation.

Incorporated herein by reference is the information set forth under the captions
"Compensation of Executive Officers" on page 6 of the Company's definitive Proxy
Statement to be used in connection with the 1996 Annual Meeting of Shareholders.


Item 12.  Security Ownership of Certain Beneficial Owners and Management.

Incorporated herein by reference is the information set forth under the captions
"Voting Securities And Principal Holders Thereof" on page 1 and "Security
Ownership of Management" on page 3 of the Company's definitive Proxy Statement
to be used in connection with the 1996 Annual Meeting of Shareholders.


Item 13.  Certain Relationships and Related Transactions.

Incorporated herein by reference is the information set forth under the captions
"Transactions With Certain Related Persons" and "Compensation Committee
Interlocks and Insider Participation" on page 13 of the Company's definitive
Proxy Statement to be used in connection with the 1996 Annual Meeting of
Shareholders.

<PAGE> 12

                                  PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K.

(a) List of Documents Included in this Report.

    1. Financial Statements.

    The following financial statements are incorporated into this report
    by reference to the Company's 1995 Annual Report to Shareholders:

      (i) Independent Auditor's Report

     (ii) Consolidated Statement of Income for each of the three fiscal years
          in the period ended December 31, 1995

    (iii) Consolidated Statement of Financial Position as of December 31, 1995
          and December 25, 1994

     (iv) Consolidated Statement of Shareholders' Equity for each of the three
          fiscal years in the period ended December 31, 1995

      (v) Consolidated Statement of Cash Flows for each of the three fiscal
          years in the period ended December 31, 1995

     (vi) Notes to Consolidated Financial Statements

      2.  Supplementary Data and Financial Statement Schedules.

      (i) Incorporated herein by reference is the information set forth under
          the caption "Quarterly Financial Information (Unaudited)" appearing
          on page 30 of the Company's 1995 Annual Report to Shareholders

     (ii) The following financial statement schedule and report with respect
          thereto are filed as a part of this Report:

                                                         Page in
                                                       this filing

      Independent Auditor's Report                           16

      Schedule II    Valuation Accounts                      17
         
 Schedules other than those referred to above have been omitted
 because they are not required or because the information is included
 elsewhere in the Consolidated Financial Statements of the Company.

     3. Exhibits Required by Securities and Exchange Commission Regulation 
        S-K.

      (i) The following exhibits are filed as a part of this report:

          Exhibit                                      
          Number Description of Document                 

            3.2  Amended and Restated Code of By-Laws of Central Newspapers,
                 Inc. 

          *10.13 Termination Benefits Agreement dated as of February 23, 1996
                 between Central Newspapers, Inc. and Louis A. Weil, III   

          *10.14 Amended and Restated Central Newspapers, Inc. Stock
                 Compensation Plan 

           13    Portions of the 1995 Annual Report to Shareholders of
                 Central Newspapers, Inc. incorporated by reference into the
                 1995 Annual Report on Form 10-K

*    Represents a contract, plan or arrangement providing for executive officer
     or director benefits.

<PAGE>13

          23     Consent of Geo. S. Olive & Co. LLC

          27     Financial Data Schedule        

     (ii) The following exhibits are incorporated herein by reference to
          documents previously filed with the Securities and Exchange
          Commission as indicated.

          Exhibit
          Number     Description of Document

            3.1      Amended and Restated Articles of Incorporation of Central
                     Newspapers, Inc. (Filed August 10, 1989 with Form S-1
                     Registration Statement, No. 33-30436)      

            4.1      Form of Certificate for Class A Common Stock (Filed August
                     10, 1989 with Form S-1 Registration Statement, 
                     No. 33-30436) 

            4.2      Indenture between Indianapolis Newspapers, Inc. and the
                     Indiana Trust Company, as trustee, dated as of December 1,
                     1948 (Filed August 10, 1989 with Form S-1 Registration
                     Statement, No. 33-30436)
               
           10.1      Indenture creating the Eugene C. Pulliam Trust, dated as of
                     December 9, 1965, as amended (Filed August 10, 1989 with
                     Form S-1 Registration Statement, No. 33-30436)

           10.2      Newsprint Purchase Agreement between Ponderay Newsprint
                     Company and Phoenix Newspapers, Inc., dated as of
                     November 18, 1987 (Filed August 10, 1989 with Form S-1
                     Registration Statement, No. 33-30436)          

          *10.3      The Phoenix Newspapers, Inc. Non-Qualified Supplemental
                     Retirement Plan (Filed with Form 10-K for year ended
                     December 30, 1990)
                              
           10.4      Ponderay Newsprint Company Partnership Agreement between
                     Lake Superior Forest Products Inc. and Central Newsprint
                     Company, Inc. dated as of September 12, 1985 (Filed August
                     10, 1989 with Form S-1 Registration Statement, 
                     No. 33-30436) 

           10.5      Amendment to Ponderay Newsprint Company Partnership
                     Agreement between Lake Superior Forest Products Inc.,
                     Central Newsprint Company, Inc., Bradley Paper Company,
                     Copley Northwest, Inc., Puller Paper Company, Newsprint
                     Ventures, Inc., Wingate Paper Company, Tribune Newsprint
                     Company and Nimitz Paper Company, dated as of June 30, 1987
                     (Filed August 10, 1989 with Form S-1 Registration 
                     Statement, No. 33-30436)

           10.6      Guarantee by Central Newspapers, Inc. dated as November 18,
                     1987 (Filed August 10, 1989 with Form S-1 Registration
                     Statement, No. 33-30436)

*    Represents a contract, plan or arrangement providing for executive officer
     or director benefits.

<PAGE>14
          *10.7      Form of Split-Dollar Life Insurance Agreement for Executive
                     Officers between the Registrant and Malcolm W. Applegate 
                     and Louis A. Weil, III (Filed with Form 10-K for year ended
                     December 27, 1992)

          *10.8      Form of Split-Dollar Life Insurance Agreement for Outside
                     Directors between the Registrant and Kent E. Agness, 
                     William A. Franke and Dan Quayle (Filed with Form 10-K for
                     year ended December 27, 1992)

          *10.9      Form of Death Benefit Only Insurance Plan Agreement between
                     the Registrant and Frank E. Russell, Eugene S. Pulliam and
                     James C. Quayle (Filed with Form 10-K for year ended
                     December 27, 1992)

          *10.10     Central Newspapers, Inc. Unfunded Supplemental Retirement 
                     Plan (Filed with Form 10-K for the year ended December    
                     25, 1994)

          *10.11     Central Newspapers, Inc. Non-Qualified Savings Plan, as
                     amended (Filed with Form 10-K for the year ended December
                     25, 1994)
          
          *10.12     Central Newspapers, Inc. Director's and Officer's 
                     Charitable Award Program (Filed with form 10-K for the year
                     ended December 25, 1994)     

           21        Subsidiaries of the Registrant (Filed with Form 10-K for
                     year ended December 26, 1993)

*    Represents a contract, plan or arrangement providing for executive officer
     or director benefits.

(b)  Reports on Form 8-K.

No reports on Form 8-K were filed by the Company during the fourth quarter of
1995.
<PAGE>15

                                 SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of
Indianapolis, state of Indiana, on this 19th day of March, 1996.

                     CENTRAL NEWSPAPERS, INC.

                     By:  /s/ Louis A. Weil, III             
                        -------------------------- 
                       President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this report has been signed by the following persons on behalf of the Registrant
and in the capacities indicated on this 19th day of March, 1996.

     Signature                           Title

(1)  Principal Executive Officer
                        
     /s/ Louis A. Weil, III              President, Chief Executive
     -----------------------               Officer and Director
      Louis A. Weil, III                   

(2)  Principal Financial and
     Accounting Officer
                                          
     /s/ Thomas K. MacGillivray          Treasurer and Chief Financial Officer
    ----------------------------
     Thomas K. MacGillivray       

(3)  A majority of the Board of Directors

     /s/ Kent E. Agness                  Director
    ----------------------
     Kent E. Agness    

     /s/ Malcolm W. Applegate            Director
     ----------------------
     Malcolm W. Applegate
     
     /s/ William A. Franke               Director
     ----------------------
     William A. Franke
    
     /s/ Eugene S. Pulliam               Director
     ----------------------
     Eugene S. Pulliam

     /s/ Dan Quayle                      Director
     ----------------------
     Dan Quayle

     /s/ James C. Quayle                 Director
     -----------------------
     James C. Quayle

     /s/ Frank E. Russell                Director, Chairman of the Board and 
     -----------------------              Assistant Secretary
     Frank E. Russell                    

<PAGE>16


        INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENT SCHEDULE



Board of Directors and Shareholders
Central Newspapers, Inc.


We have audited the consolidated financial statements of Central Newspapers,
Inc. and Subsidiaries at December 31, 1995 and December 25, 1994 and for each of
the three fiscal years in the period ended December 31, 1995 and have issued our
report dated February 7, 1996.  Such financial statements and reports are
included in the 1995 Annual Report to Shareholders and are incorporated herein
by reference.

Our audits also included the financial statement schedule listed under Item 14
(a)(2)(ii).  The financial statement schedule is the responsibility of the
Company's management.  Our responsibility is to express an opinion based on our
audits.  In our opinion, the financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, presents fairly, in
all material respects, the information included in the schedule.


/s/ Geo. S. Olive & Co. LLC
---------------------------
GEO. S. OLIVE & CO. LLC

Indianapolis, Indiana
February 7, 1996                               

<PAGE>17
Schedule II
                     CENTRAL NEWSPAPERS, INC. AND SUBSIDIARIES
                                Valuation Accounts


     Column A            Column B          Column C       Column D    Column E 
                                   ----------------------
                                   Additions    
                        Balance at Charged to  Charged to             Balance at
                        Beginning  Costs and     Other                  End    
    Description         of Period   Expense     Accounts  Deductions  of Period
    -----------         ---------  ----------  ---------- ----------  ---------
Year Ended December 31,
  1995 (53 Weeks):

Provision for doubtful
 accounts and advertising
  refunds               $1,071,387 $5,796,378           $(5,800,562)  $1,067,203

Year Ended December 25,
  1994 (52 Weeks):

Provision for doubtful
 accounts and advertising
  refunds               $1,141,957 $4,569,894           $(4,640,464)  $1,071,387


Year Ended December 26,
  1993 (52 Weeks):

Provision for doubtful
 accounts and advertising
   refunds                $779,346 $3,334,553           $(2,971,942)  $1,141,957